This news, however, would be the top headline on any other day: Meta, the parent company of Facebook, has let go of 11,000 employees.
The company has cut the most employees in its nearly two-decade history.
It's also the most recent indication that the tech sector is experiencing a severe slowdown in the economy.
So when I saw that there were 11,000 workers, I thought, "Wow, that's a lot." What's going on at Meta right now, for instance?
It makes up 13% of Meta's staff. They are finding out today that they have lost their jobs.
In a letter to the staff, Mark Zuckerberg admitted that he bore personal responsibility for the budget cuts.
He claimed that the business simply became overly excited during the pandemic.
They hired too quickly and aggressively because they believed the good times would continue.
The layoffs, according to Zuckerberg, were one of the hardest choices ever made by the business.
He wrote, "I got this wrong, and I take responsibility for that," in a letter to the staff.
After these layoffs, Meta will operate on a smaller scale. What do you predict will happen to the business after that?
As you mentioned, Meta will have fewer employees, but let's not fool ourselves, Ailsa. It's still a very large company, right?
Meta will still have about 70,000 employees and be one of the most valuable companies in the world even after these layoffs are finished.
But guess what if virtual reality headsets never gain widespread use? The business will soon face more difficulties.